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coffee chain of tax avoidance. officials of the chain announce it will pay 10 million pounds, or about $16 million each year in 2013 and 2014. they say they'll do it regardless of whether the company is profitable. starbucks entered the british market in 1998. the chain now has over 700 outlets across the country. but the company posted a profit only once since then, and its official paid no corporate tax for the last three years. starbucks officials said they haven't turned a profit because of high rents and brand royalties paid to their amsterdam-based group firm. tax rates in the netherlands are lower than in britain. they say they will pay more tax in the two years than is required under british law. >>> the asian development bank has raised this year's outlook for five emerging economies. its board members cite strong growth in southeast asia, especially in the philippines and malaysia. the bank's board members revised their estimate from 5.6% in october to 5.9%. the five countries are the philippines, malaysi
coffee chain of tax avoidance. officials of the chain announce it will pay 10 million pounds, or about $16 million each year in 2013 and 2014. they say they'll do it regardless of whether the company is profitable. starbucks entered the british market in 1998. the chain now has over 700 outlets across the country. but the company posted a profit only once since then, and its official paid no corporate tax for the last three years. starbucks officials said they haven't turned a profit because of...
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taxes, you have been paid sales taxes or hidden taxes, so in the end in big states, people will be paying 60 -- a minimum of 60 cents of every dollar they make to the government. and i ask you, after every american is finished paying their fair share, how much of every dollar should they be allowed to keep, juan? and i want a direct answer. don't dodge, don't duck. what is fair? >> i don't duck. i always am straight with you, sean because i think you deserve an honest answer. number one, we are talking about federal taxation. if you want to have a argument with your county or city government, new york city and westchester county or long island go have it. >> you are not answering. >> but if you are talking about federal tax, right i'm saying to you i between between 35 and 39 is totally good. >> but that's not addressing it. wait a second. this is not a small issue. after somebody pace their federal, their state, their social security, their property, their car tax, their sales tax, after they are done giving the government their fair share, state, local, federal, what is fair? give me a
taxes, you have been paid sales taxes or hidden taxes, so in the end in big states, people will be paying 60 -- a minimum of 60 cents of every dollar they make to the government. and i ask you, after every american is finished paying their fair share, how much of every dollar should they be allowed to keep, juan? and i want a direct answer. don't dodge, don't duck. what is fair? >> i don't duck. i always am straight with you, sean because i think you deserve an honest answer. number one,...
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i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> we've got some more breaking news for you. the michigan
i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ]...
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he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary of hillary clinton flew to dublin to hold a meeting with her russian counter part and u.n. enjoy to syria meeting to discuss how they would end the now 21-month long conflict in syria and how to move assad from power. and there's no sign they had to reverse the support, and today, a senior lawmaker says the syria government is now incapable of functioning properly. just before the meeting with the russian foreign minister, secretary clinton insisted that the united states and russia share common goals in the region. >> trying
he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary...
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avoidance if it looks like tax avoidance and it smells like tax avoidance is tax avoidance we can have a broad principle that rules out the why is what the companies one they want this thing called a regulation which is just another way where they can hire expensive accountants to get around the law and then siphon their money had their ended their in here and there we don't want that we need just have a one very simple rule that says tax avoidance no way no in this country and yeah i'd also like to come down on tax havens as well internationally that's really important so we don't have a race to the bottom so the corporations think they can go wherever they like basically right now in the case of starbucks of course the boycott is a very potent weapon because it's a retail company. it's not an institutional business to business massive computer company let's say like an i.b.m. or something starbucks is directly with the public so a boycott really cuts into their revenues and for that reason it can be a very effective means to get the company's attention have you given any thought to t
avoidance if it looks like tax avoidance and it smells like tax avoidance is tax avoidance we can have a broad principle that rules out the why is what the companies one they want this thing called a regulation which is just another way where they can hire expensive accountants to get around the law and then siphon their money had their ended their in here and there we don't want that we need just have a one very simple rule that says tax avoidance no way no in this country and yeah i'd also...
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the last thing i would say, we're talking about taxes and point. tax reform is spending cuts. there is no difference. if i give you a mortgage check. no difference. you can treated as a tax or spending andfrom an economic perspective, they are one in the same thing. when we do tax reform, from an economic perspective,that is a spending cut. >> i do not have anymore questions. unless the vice chairman does. >> looking at our global competitors who find themselves in financial crisis showed more than 20 times in nine different countries, those countries cut what they owed in their spending time. they did that because their cuts were large, credible, politically difficult to reverse. believable. it created the confidence to grow an economy. it was proven over and over again. that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. send. it is the right signal to send to investors that we're serious about getting our financial house in order. i hope was that we do that. chairman, thank
the last thing i would say, we're talking about taxes and point. tax reform is spending cuts. there is no difference. if i give you a mortgage check. no difference. you can treated as a tax or spending andfrom an economic perspective, they are one in the same thing. when we do tax reform, from an economic perspective,that is a spending cut. >> i do not have anymore questions. unless the vice chairman does. >> looking at our global competitors who find themselves in financial crisis...
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the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for it. debt doesn't matter. >> bob: respond to the social security thing. >> eric: obama in october of 2008 before he was president obama. season. >> the way bush has done it, over the last eight years is to take out a credit cardback of china in the game of the children, driving up the national debt. that is irresponsible and unpatriotic. >> eric: unpatriotic. $5 trillion in debt. president obama will add ten, 11, 12 trillion in debt. when he is done with this. >> for years, president obama running when he was senator, running for president always said that the bush tax cuts were only for the rich and only benefit the rich. now he says that the republicans ar
the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for it. debt doesn't matter. >> bob: respond to the social...
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obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end of the world. >> we will have taxes that are the same as the taxes were under bill clinton. we did find that we will do fine. >> the question is whether the negotiations will lead to making other tough choices such as washington getting a handle on the growth of government. if not, the european example seems to suggest fiscal t
obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that...
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tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will introduce our two witnesses. dr
tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the...
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not the marginal tax rights of individuals. that's my view. >> cenk: then you go to the defense industry, we've got one of their c.e.o.'s: >> cenk: don't get too excited the defense contractors are on our side. here's the reality. if we don't do a deal, we take $600 billion in defense cuts. that usually comes from the defense contractors. so they're like what! cuts in defense! no no, no, let's make a deal. we can raise them up a couple of points, that's all right. just don't take $7 billion from me. there's self interest there. there's tremendous moment to make this happen, unless you're looking at republicans. and we have got a treat for you today. we're going to do a little hot tub time machine action here. go back to 1993 when president clinton said that he was going to raise the marginal tax rates. here was those same old republicans, making the same old points 19 years ago. >> we have a solid plan ready to go to reduce the deficit calling for no tax increases and true cuts in government spending. >> as opposed to the clint
not the marginal tax rights of individuals. that's my view. >> cenk: then you go to the defense industry, we've got one of their c.e.o.'s: >> cenk: don't get too excited the defense contractors are on our side. here's the reality. if we don't do a deal, we take $600 billion in defense cuts. that usually comes from the defense contractors. so they're like what! cuts in defense! no no, no, let's make a deal. we can raise them up a couple of points, that's all right. just don't take $7...
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what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say it's not going to be 17% of our debt on that because right now, we're running a trillion dollar deficit year single year. if we went back to zero, we're rebalanced. right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of
what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be...
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he continues to talk about raising tax on the well think. >> the tax rate. >> right, the tax rates on the well think and beyond raising taxes on the well think, tax rates on the well think, he said he wanted a balanced approach etch said during the campaign he wanted $2.50 in cuts for every $1.50 in revenue. yet you saw the only proposal come from him sense the election was four dollars in revenue for one dollar in cuts. it was $1.6 trillion in revenue and $400 trillion in cuts and $300 trillion in additional stimulus spending in addition to that. but completely the opposite in cracks to his own campaign pledge. what we've been trying to do, greta, is hold his feet to the fire and say speaker bain wares clear the day after the election. he said mr. president, you won, but so did we. the mandate we have is to work together. we are willing to honor your ledge pledge of $80 billion a year from the wealthiest, which is what you said during the campaign, the $800 billion, but we need the $2.50 for every one dollar in cuts and the president has been completely unwilling to specify those cut
he continues to talk about raising tax on the well think. >> the tax rate. >> right, the tax rates on the well think and beyond raising taxes on the well think, tax rates on the well think, he said he wanted a balanced approach etch said during the campaign he wanted $2.50 in cuts for every $1.50 in revenue. yet you saw the only proposal come from him sense the election was four dollars in revenue for one dollar in cuts. it was $1.6 trillion in revenue and $400 trillion in cuts and...
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lauren: we talked taxes. now let's former cbo director says these cuts fail to control the greatest deficit challenge, federal health care spending. >> the future path of mandatory has been clear for a decade now. it is largely driven by health care costs and baby boom and every cbo director come to the same conclusion. you can't grow your way out of it. you can not tax your way out of it. you must change these programs. >> democrats argue if the government cuts too much spending the economy will slow further. back to you. david: rich edson, thank you very much, rich. lauren: with all the uncertainty surrounding fiscal cliff should you invest differently right now? david: one economist says investors have to look beyond the fiscal crisis. we have senior economist at oppenheimer fund joins us now. more than that, what you say you've got the perfect split. -p60/40, 60 being equities and 40 being dot, dot, dot, something else. how do you devise, some people are gold bugs say it is all gold. cash bugs, say you ha
lauren: we talked taxes. now let's former cbo director says these cuts fail to control the greatest deficit challenge, federal health care spending. >> the future path of mandatory has been clear for a decade now. it is largely driven by health care costs and baby boom and every cbo director come to the same conclusion. you can't grow your way out of it. you can not tax your way out of it. you must change these programs. >> democrats argue if the government cuts too much spending...
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tax rates. in addition, a reduction in the value of deductions and other expenditures. higher taxes on capital gains, dividends. the way i count this up, if you include the limitations, the top marginal tax rates for some would be between 41 and 45%. that is just the federal level. we have states with varying income tax rates. some americans would be paying more than half of their income. it would exceed 50%. if the president got all the tax increases that he wants, is likely that could precipitate a recession? >> it is not only likely, it would certainly do so. it is cataclysmic. if we go from a 15% dividend tax, to 45%, that is ridiculously bad news for an equity markets. it is something we saw on the other side. call for response to the dividend tax reductions and there was a lot of positive movement. as a package, there is a question of how negotiations work and maybe you want to start negotiations with an extreme position, i cannot imagine anybody looking at proposal and not arguing that it
tax rates. in addition, a reduction in the value of deductions and other expenditures. higher taxes on capital gains, dividends. the way i count this up, if you include the limitations, the top marginal tax rates for some would be between 41 and 45%. that is just the federal level. we have states with varying income tax rates. some americans would be paying more than half of their income. it would exceed 50%. if the president got all the tax increases that he wants, is likely that could...
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to drive or not to drive how do you handle tax or not taxing people who grow pot in their windows so what if the feds invade the state this is a beginning and it provokes a lot of questions but it's going to be very interesting to watch washington state and colorado figure out the answers to. it's thursday so let's get some super smart sparrows and we humans see cigarette butts scattered in city streets or an ashtray outside a building we generally think of them as a nuisance an eyesore but when cute little sparrows see cigarette butts they think of themselves great way to stay warm and to ward off annoying pests like these little mites of lice that birds get at least those are the findings coming out of a study that was conducted at the national autonomous university in mexico a team of researchers monitored fifty seven sparrow nests in mexico city and found that the number of parasites and bugs in them decreased as the number of cigarette butts in each test increased sparrow nest used in the study had between zero and thirty eight cigarette butts in them with an average of eight bu
to drive or not to drive how do you handle tax or not taxing people who grow pot in their windows so what if the feds invade the state this is a beginning and it provokes a lot of questions but it's going to be very interesting to watch washington state and colorado figure out the answers to. it's thursday so let's get some super smart sparrows and we humans see cigarette butts scattered in city streets or an ashtray outside a building we generally think of them as a nuisance an eyesore but...
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to a higher tax rate. i think they would be fine getting rid of some of the loopholes, but if this goes to where it's just higher tax rates on the rich and very little spending cuts, they little reform, i think there will be huge outrage. >> how about a sizable adjustment in entitlements, a big -- billions of dollars in cuts in regular spending, appropriations spending, and a reduction in the rich person's tax rate, a rise to 37% or 38%, would that sell with the right or not? >> i think there's a chance if they would see real reform, real cuts, more than what the president was saying, 2.5 times of cuts for every tax increase, but what they don't want are tax increases now and future cuts. that's not going to work. >> okay. thank you. just want to know what the rules were in the sane world and the insane world. i think it's going to be more like one to one, and i think it's going to be something like i mentioned. let me go back to you, bob. i don't know what it looks like to you. just the other day -- you d
to a higher tax rate. i think they would be fine getting rid of some of the loopholes, but if this goes to where it's just higher tax rates on the rich and very little spending cuts, they little reform, i think there will be huge outrage. >> how about a sizable adjustment in entitlements, a big -- billions of dollars in cuts in regular spending, appropriations spending, and a reduction in the rich person's tax rate, a rise to 37% or 38%, would that sell with the right or not? >> i...
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instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> mr. speaker, you did speak with the president earlier this week. can you characterize that call? did he have any kind of counteroffer? also, we understand that he just is making clear that it is -- got to be increase in rates for the wealthy or no deal. are you willing to give a little bit, maybe just not all the way to 39.6? >> it was the -- the phone call was pleasant. but it was just more of the same. the conversations -- the staff had yesterday just more of the same. it is time for the -- president, if
instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of...
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why not raise rates on rich, fight for a simp her tax system that -- simpler tax system that might provide lower taxes down the road. >> well we need to demand concessions on spending. neil: we're not getting them. >> that is the point, so putting up taxes is not a way of getting concessions in the future. neil: from the get go they put up that 800 billion figure. >> a starting point, the problem is that, as you know, not only will the democrats want more in taxes, but they have in place, with this horrible deal that was done a year and a half ago with debt sealing that gives deal -- there is a deal in place. and it recalls that fiscal cliff, but the deal of made a year and a half ago, the republicans, democrats and president signed off on this, allowing tax increases to go back in place. and they signed on to half a trillion in cuts, in domestic programs and half a trillion in defense, understand what this is as a conservative, defense is 16% of the budget. other 84% gets half a trillion, defense getting half a trillion. the democrats are welcoming this to happen. >> the guy who ran secon
why not raise rates on rich, fight for a simp her tax system that -- simpler tax system that might provide lower taxes down the road. >> well we need to demand concessions on spending. neil: we're not getting them. >> that is the point, so putting up taxes is not a way of getting concessions in the future. neil: from the get go they put up that 800 billion figure. >> a starting point, the problem is that, as you know, not only will the democrats want more in taxes, but they...
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we don't want to pay higher taxes, but are willing to pay higher taxes as a program of shared sacrifice, which we think would make sense under the circumstances. >> eliot: and you also reject the premise of the entire republican argument, which is if you raise these tax rates margin ally on the so-called job creators somehow that will harm our economy. >> that's utterly ridiculous. first it's false imperically. we want through the analysis with bruce bartlett, who articulated them very well. as buffet pointed out in his op-ed piece taxes went up from 2000 when clinton was in and the second part of the reagan administration because of the imbalances created by the reagan tax cuts and we created 23 million jobs. by the same token, you know, the tax cuts to the wealthy were extended a number of times including by president obama under duress and starting in 2009 that create add boom in financial assets, but didn't produce many jobs. those are just anecdotal situations, but you can see there have been studies done including most recent one, which was suppressed by the republicans. >> eliot:
we don't want to pay higher taxes, but are willing to pay higher taxes as a program of shared sacrifice, which we think would make sense under the circumstances. >> eliot: and you also reject the premise of the entire republican argument, which is if you raise these tax rates margin ally on the so-called job creators somehow that will harm our economy. >> that's utterly ridiculous. first it's false imperically. we want through the analysis with bruce bartlett, who articulated them...
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reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political fear at its best, by being a washington dc insider i belve we can still get a deal, we have two proposal on the table. >> to get to your point, lou, from a conservative perspective, over in 6 was a national suicide. -- november 6 was a national suicide. a very thin find red line, that red line of republican party. if this party also commits suicide, this will be catastrophic. neil: we'll explore further why it is that republicans are having trouble with two areas, one winning elects and the other governing, we'll be back with tha-team, and we'll find out who is in charge o this assault on christmas among other
reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political...
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h&r block has been cutting costs to focus on its core tax preparation business, especially digital tax prep. even satellite radio operator sirius/xm radio can't resist returning some of its cash to shareholders. it announced a one-time dividend of a nickel per share and a $2 billion stock buyback plan. sirius shares are consistently among the most actively traded issues on the nasdaq. volume was very heavy today, but the stock didn't move much, up just two cents. but there was a bigger stock move in liberty media capital. liberty media is the biggest shareholder of sirius and stands to get $160 million thanks to the special dividend. online social gaming company zynga has struggled to repeat the success of its farmville and words with friends games. it filed a preliminary application for a gaming license in nevada. don't look for zynga on the strip, at least not yet. the company wants to have customers bet real money on games like zynga poker. shares rallied 7.1% as volume doubled. zynga has lost more than 70% of its value since becoming a publicly traded company. all of the five most
h&r block has been cutting costs to focus on its core tax preparation business, especially digital tax prep. even satellite radio operator sirius/xm radio can't resist returning some of its cash to shareholders. it announced a one-time dividend of a nickel per share and a $2 billion stock buyback plan. sirius shares are consistently among the most actively traded issues on the nasdaq. volume was very heavy today, but the stock didn't move much, up just two cents. but there was a bigger...
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raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar deficit every single year. if we went back to zero, that's true. right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of tha
raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar...
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we need tax reform and higher tax rates on upper income households. >> it seems you could do the tax rates at the end of this year because you could make the kind of deal that you want and then do some of the closing of the loopholes on subsidies. i would hope as a state that have strong businesses that support doing this, you could bring the corporate tax rate down and work on the debt by closing the loopholes in subsidies. >> the tax reform is complicated. i am saying nail down the framework and then go to work and try to figure this out precisely. in terms of corporate tax reform, i think that is absolutely necessary, but i would think the goal there would be to make that revenue neutral if you can. you want to bring down the corporate rates so we can be more competitive. >> what about senator coburn's assessment, in wanting to reduce the debt? >> i disagree. i have a great deal of respect for the senator, but i disagree. the fact that we have so many tax expenditures both on the corporate and income tax side that operates with inefficiency, with jobs going overseas, we need to se
we need tax reform and higher tax rates on upper income households. >> it seems you could do the tax rates at the end of this year because you could make the kind of deal that you want and then do some of the closing of the loopholes on subsidies. i would hope as a state that have strong businesses that support doing this, you could bring the corporate tax rate down and work on the debt by closing the loopholes in subsidies. >> the tax reform is complicated. i am saying nail down...
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labor higher than we tax capitol. the republicans believe it does, they believe the higher you tax something the more you are discouraging it. there is bill crystal asking why do we want to tax labor more than capitol? that is the question. >> it is interesting. you are are seeing rank and file members of the party. you are starting to see the troops fall away. what would happen if for instance the senate bill were to be voted on in the house? >> they want to do it. and it would pass. we would have to get into these other questions. >> polls favoring the president in his approach and the outcome that he wants. and the polls i don't think that rush are limbaugh is reading those polls. >> there is no way to come to an agreement. the only thing that can happen is for one side to cave in. this is being realistic. there is no common ground here. there is no bipartisanship to be had. it ain't going to happen. there is no compromise. none. there is only concession. and that is what will happen. when rush doesn't want to soun
labor higher than we tax capitol. the republicans believe it does, they believe the higher you tax something the more you are discouraging it. there is bill crystal asking why do we want to tax labor more than capitol? that is the question. >> it is interesting. you are are seeing rank and file members of the party. you are starting to see the troops fall away. what would happen if for instance the senate bill were to be voted on in the house? >> they want to do it. and it would...
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those middle class tax cuts in that legislation would protect the tax cuts for 98% of americans and 97% of small businesses. that, as we are in the midst of the holiday season, is absolutely essential to continuing to get our economy turned around and focus on job creation. >> "the new york times" reporting today that negotiations are now down to just two people. the president, the house speaker. we know that some senate democrats dispute this. what do you think about this point with regard to the negotiations and who's in the room? >> i know that the president and his advisers are focused on making sure that in the discussions that they have with both the house and the senate that whatever plan they agree to includes a balanced approach. one that's fair to the middle class and one whose math makes sense and reaches the size of the duff sit reduction we need that doesn't balance all the pain on the backs of the middle class and that makes sure that we have suspending cuts and revenue. when it comes to entitlement reform, we have an opportunity to add another hundreds of billions of doll
those middle class tax cuts in that legislation would protect the tax cuts for 98% of americans and 97% of small businesses. that, as we are in the midst of the holiday season, is absolutely essential to continuing to get our economy turned around and focus on job creation. >> "the new york times" reporting today that negotiations are now down to just two people. the president, the house speaker. we know that some senate democrats dispute this. what do you think about this point...
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you go lady and raise the taxes. people if the republican party can tut go for that although they will get blamed for the disaster and the train wreck this is coming. >>neil: i tell people to look at coverage and say, did you wonder why republicans are obstinate wanting to hike taxes more, but, democrats are not when they don't want to cut spending? i say you go with the republicans on the tax thing it should be more and should be raised or should be this, fine, then apply the same standard to democrats when it comes to spend cuts. >>guest: one thing the republicans need to do a boater job of is be specific about what they offered and specific about what the democrats have not offered. the other thing i don't think they have yet communicated is that what will this do? president obama has made this such a point of the campaign and now the presidency, that we have to go after the 2 percent. the question is nut to answer him with an answer but 18 it with a question. what will that gain us? can we run the government for
you go lady and raise the taxes. people if the republican party can tut go for that although they will get blamed for the disaster and the train wreck this is coming. >>neil: i tell people to look at coverage and say, did you wonder why republicans are obstinate wanting to hike taxes more, but, democrats are not when they don't want to cut spending? i say you go with the republicans on the tax thing it should be more and should be raised or should be this, fine, then apply the same...
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this top 2% which otherwise gets a tax cut, it continues a tax cut in the middle income tax extension. this is a moment of truth. the clock is ticking, christmas is coming, the goose is getting fat but in many homes across america it is a very very lean time. the facts are though very important to reiterate. democrats have already agreed in the budget control act and other cuts in this congress to 1.6 trillion dollars in cuts, in spending cuts. we've already agreed in the affordable care act and in the president's budget to over a trillion dollars in savings to medicare without doing any harm to beneficiaries and extended the life of medicare. what is lacking are the revenues. you cannot cut your way to deficit reduction. what does reduce the deficit are jobs, job creation. have the spending cuts, we have the medicare savings, what we need are the revenues. and that is what you have to ask the question, why are we not here to pass the middle income tax cut which unleashes the high end -- increases the high end contribution to the budget talks. why are we not here to pass the middle in
this top 2% which otherwise gets a tax cut, it continues a tax cut in the middle income tax extension. this is a moment of truth. the clock is ticking, christmas is coming, the goose is getting fat but in many homes across america it is a very very lean time. the facts are though very important to reiterate. democrats have already agreed in the budget control act and other cuts in this congress to 1.6 trillion dollars in cuts, in spending cuts. we've already agreed in the affordable care act...
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state level, you take information from your federal taxes and put them in your state taxes. so you have to look at them into the real silos and look at them separately. >> he says he will continue to tell couples the same thing he has always told them. >> that they keep track of every dollar they put into each account or towards the household, making sure that they can account for each dollar from each individual. >> he also says that gay couples who even to get divorced could run into a state tax issues at the federal level when dividing assets. >> right now, we're following a developing story out of baltimore county. a female teenager was a salted. -- was assaulted. police sacontinued to search tht area for one suspect. the victim was taken to the hospital for treatment of what was described as a non-life- threatening injury. >> charged with sexually abusing three girls when there were students, 37-year-old clarence taylor has been suspended from his job as a daytime teacher's aide. he is accused of inappropriately touching the girls numerous times. the alleged abuse happe
state level, you take information from your federal taxes and put them in your state taxes. so you have to look at them into the real silos and look at them separately. >> he says he will continue to tell couples the same thing he has always told them. >> that they keep track of every dollar they put into each account or towards the household, making sure that they can account for each dollar from each individual. >> he also says that gay couples who even to get divorced could...
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the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two years? >> well, the people woke up. i think young people are waking up. you can't do this. you can't tax your way out of this hole. you can't grow your way out of this hole. we had every economist say you could have double-digit growth for 20 years and can't get out of the hole. you can't cut spending out of your hole. we got five democrats, five republicans, ranging from dick durbin to illinois-- great progressive democrat-- and coburn from oklahoma, and five dems, five republicans, one independent, that's a super majority. and for god's sake the reason we were so successful is that we effectively pissed off everybody in america. ( laughter ). >> jon: congratulations, sir. kudos. kudos to you. ( applause ) so now, as you watch these competing plans, you watch the president has submitted
the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two years? >> well, the people woke up. i think young people are waking up. you can't do this. you can't tax your way out of this hole. you can't grow your way out of this hole. we had every economist say you could have double-digit growth for 20...
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he voted for reduced rates on capital gains taxes. he voted to keep subsidies for oil and gas companies. that's a big one. but the best part of louie gohmert's crusade to protect the word "lunatic" is this -- >> this administration sent planes and bombs and support to oust gadhafi so that al qaeda and the muslim brotherhood could take over libya. i don't want to make you sick, but i brought an abortion to show you today. and i would just like to conclude with words of my friend, dick morris, who said, i know there's a disagreement on when life begins in america, but for heaven's sake, we ought to agree that life ends when you die. >> now we know why congressman louie gohmert of texas feels so passionately about protecting the word "lunatic." >>> coming up, one of the world's biggest companies is coming back to america. they're not worried about profits. they're worried about the american workforce. we'll explain why, next. [ female announcer ] food, meet flavor. flavor, meet food. it's time for swanson flavor boost. concentrated broth
he voted for reduced rates on capital gains taxes. he voted to keep subsidies for oil and gas companies. that's a big one. but the best part of louie gohmert's crusade to protect the word "lunatic" is this -- >> this administration sent planes and bombs and support to oust gadhafi so that al qaeda and the muslim brotherhood could take over libya. i don't want to make you sick, but i brought an abortion to show you today. and i would just like to conclude with words of my friend,...